The securities' market.

The regions of Russia now are attracting attention of various investors. The regional securities became the alternative to the bonds of Federal Government. The demand for these securities often exceeds supply. That's why every issue of securities is a significant event in the finances market. The planned issue of the State bonds of YaNAD is sure to raise interest.

At present the market of corporative securities and the market of government securities of YaNAD administration are functioning on the territory of Autonomous District. The first one is stable; the potential investors are interested mainly in the shares of oil companies "Noyabrskneftegas" and "Rosneft-Purneftegas", geological and prospecting companies and the branches of "Gasprom" joint-stock company, working on the territory of Autonomous District.

As for the bonds of YaNAD administration (issued before the federal law "On remittance and ordinary bonds" was adopted), they are in great demand in Autonomous District and in other regions of Russia. Now the securities' market has already taken shape, it is quite liquid and efficient. The total sum of issued bonds equals to 650 billion roubles. The new programs of financial resources attraction to the Autonomous District economy are worked out. A number of debenture loans will be issued: the housing debenture loan of YaNAD, the inner debenture loan of YaNAD and the debenture loan floated in the international markets. The competition between banks and financial companies was organized in order to choose the leading operator in the program of Eurobonds issuing and floating.

The administration of Yamalo-Nenetsky Autonomous District is working out a complex investments program, in which the priorities in the economic progress of the region, the amounts of investment resources and prospects for Autonomous District development are coordinated. In the nearest future Autonomous District administration is going to organize the expert analysis of the investment projects and the programs of oil and gas industry and the natural resources of the Arctic Urals development.

The amount of the Autonomous District bonds issue (1500 billion roubles) makes this loan one of the largest among the regional loans of this kind, issued by the members of Russian federation. Such an amount is quite realistic, taking into account that the technical re-equipment of existing and newly-built enterprises will lead to the growth of Autonomous District budget revenue. The total cost of Eurobonds issue is $250 million. Russian and foreign commercial banks, including Incombank, MFK, "Renaissance Capital", National Reserve Bank, "Salomon Brothers" and others, showed interest in this project. The banks of this level would have never proposed cooperation without making a detailed investigation of the situation in Autonomous District. Thus, it may be regarded as a confidence credit, given to the economic policy of YaNAD administration by the foreign investors.

Yamalo-Nenetsky Autonomous District is known in Russia and abroad as a reliable and stable region, on the territory of which the largest branch-companies of "Gasprom" corporation and the oil companies "Rosneft-Purneftegas" and "Noyabrskneftegas" carry out their industrial activities. The prices for Eurobonds and inner bonds, issued by Autonomous District, will be defined taking account of the well-developed oil and gas industries and the stability of Autonomous District budget.